Xero's recently released 2015 annual results show that there has been a rise in its UK subscription revenue from £10.1m in 2014 to £19.3m this financial year.
There has been a 77% increase in Xero subscriptions in the UK. Over 83,000 are now using the software in the UK in 2015, compared with 47,000 in 2014.
Globally, Xero has seen a 67% increase in customers to 475,000 and a 76% increase in subscription revenue to £60.5m.
Despite a growth in both in operating revenue and customer base, Xero's net loss after tax for 2015 increased by 96% to $67.56m. The net loss is equal to 56% of operating revenue, up from 51% in 2014.
Xero says this is because of increased investment in product development and sales and marketing. Chief executive Rod Drury declaring he is still pleased with the overall result.
It now has more than 400 cloud-based solutions integrated with the accounting platform. It has added 31 new ones during the first four months of 2015 alone, including TransferWise.
During the year, Xero got £71.3m in new investment from Accel Partners and Matrix Capital Management to drive growth in UK and US, boosting its total cash balance to £136.2m.
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